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Feb 13, 2013 11:00pm PST
the expenditures, deficits and surpluses, we end up with a net of almost $19 million short. the pending supplementals, both approved and pending before the board of supervisors amount to 6.4 million to the general fund. and then the use of the general re serve of 32.2 million. we are assuming you will need to use all of that reserve in order to balance the budget. and then the deposits to reserves, because of our increases to revenue, amount to 11 million. so, that brings us to a projected fund balance estimate of 174 million. as i mentioned before, 103 million of that was already committed to the year two. and the replenishment of the general re serve that we will be using this year needs to be incorporated in next year's budget, leaving us with a projected surplus of $38 million. so, the next slide provides you with a summary of our major tax revenue in the city and it shows you where the bulk of that surplus 72 million come from. and that is property transfer taxes, about $21 million over the budget as we are taking a look at the cash we've received thus far and estimating how much a
Feb 13, 2013 1:00pm PST
for us in terms of shortfalls. we projected a $5 76 million deficit. i think it's notable, to me it's notable about this table is that this is the -- this year with $129 million shortfall is really the best budget outlook we've had since fiscal 2007 and 2008. and it's -- we have climbed out of a significant hole. the mayor in december gave instructions to departments, asking them to reduce their ongoing general fund support by 3% over the next two years. so, 1-1/2% in each year. it's important to remember that 1-1/2% is only about $19 million. so, department solutionseses will always be a part of how the city balances its budget, but it certainly will not be the only way that we balance our budget. these are just more policy oriented instructions focusing on core functions, minimizing surface impacts. one of the things we're really interested in looking at is how are departments utilizing data to find opportunities for greater efficiency and to democrat on stray the effectiveness of their programs. and then of course to engage with their stakeholders. the last slide is the calendar
Feb 17, 2013 12:30am PST
to close that deficit. the public defender, however, we do not believe that the public defender will be able to close his deficit and this is entirely in the area of sail. -- salaries. as was talked about last week, there are a number of vacancies that the public defender has that the controller's office is now holding vacant because of the existing deficit. so, unless there is a supplemental appropriation of additional general fund money to the public defenders office, we in the controller's office have the authority and responsibility to hold any additional spending until there is such policy from the mayor and the board of supervisors. emergency management will likely be able to close their doctor this deficit with holding positions vacant and some of their operating expenses. so, taken together, all these net shortfall departments represent a shortage of about $51.3 million. and then the bottom half of that table identifies the surplus department. and, so, the human services agency has seen a significant reduction in their expenses in the current year. and then beyond that,
Feb 16, 2013 6:20pm EST
. we can do it while shrinking our deficit. begin a have to choose. we just need to make smarter choices. last year both parties work together to reduce the deficit by more than 2.5 trillion dollars. up at a store the goal of 4 trillion dollars to stabilize -- that is helping us reach the goal of $4 trillion to stabilize the deficit. we cannot for senior citizens and working families to bear the burden of deficit reduction while the wealthiest are asked to do nothing more. that will not work. we cannot cut our way to prosperity. i propose a balanced approach to bring down the cost of healthcare and getting rid of tax lee pulls -- tax loopholes. we should pursue bipartisan comprehensive tax reform that encourages job creation and helps bring down the deficit. we know what we need to do. the steps are common sense. it will help grow our economy and strengthen our middle class. in the coming weeks and months, our work will not be easy. but america only moves forward when we do so together. when we accept our obligation to one another and to the future generations. that is the americ
Feb 17, 2013 12:00am PST
've made in our budget deficit projection, we're assuming we will want to have a state reserve so that costs us money those years. we assume that some of the one-time sources that we may have used to balance the budget last year are not available and then we have revenue growth in the general fund. and i have assumed that there will be about $50 million of revenue growth and -- in the first year and 128 million in the second year. on the expenditure side, what you can see is that our costs are growing largely because of personnel related costs. so, this is slide 9. the first line, so, $8.8 million of costs greater than what we -- what you adopted in the budget last year. but recall that the budget we adopted for the second year already had $90 million of wage and benefit growth for our existing employees on the general fund. so, essentially what that means is that in 13-14 it will cost us $100 million to have the same employees that we have this year and the subsequent year it will cost another $100 million. so, $200 million in growth in wage and benefits. and that's largely drive
Feb 14, 2013 6:00am EST
deficits and the federal exchange subsidies alone are expected to cost $1 opinion.2 trillion and medicaid expansions are expected to reach $26.8 billion. first of all, the affordable -- 600 its $30 billion. -- $638 billion. entitlement spending. here we go, more entitlement spending. will this increase in spending with the medicaid expansions and the new exchange subsidies reduce health care costs growth as we look at the growth down the road? >> the affordable care act had a number of different pieces. the expansion of insurance coverage, we now estimates will cost $1.3 trillion over the 2013-2023 period. >> let me interrupt you there and make sure i understand, $1.3 trillion more than what was anticipated in previous outlooks of the program, is that correct? >> i'm saying that the costs of the coverage expansion relative to a world that did not have that coverage expansion. extra costs of $1.3 trillion. we have had many changes to the coverage expansion but netted out to very little change on balance for any given period of years. our estimates through 2019 are now actually slightly bel
Feb 10, 2013 7:30pm EST
with paul krugman is ahead. why he says the deficit doesn't matter now and why the government needs to spend more money. he ran two of the most important companies and turned around general motors. i will talk les sobs learned, the state of the american future. and baubles and bling. if you have the cash they have the jewels. if perfect valentine's gift for deep pockets. jewels anyone? >> co oh co always wore two. >> "on the money" begins now. >> announcer: this is america's number one financial news program. "on the money." now, mario bartiromo. >> here's a look at the news as we head into a new week on the money. it is the u.s. government versus standard & poor's. the most aggressive move yet to hold accountable a company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors by giving securities created from subprime loans aaa ratings they didn't deserve. the attorney says not so fast. >> the government has to show in this case not that a lot of people lost money because of the investments. government has to show the s&p liter
Feb 13, 2013 1:30pm PST
payoff toward the courthouse construction fund is retired. we will close that deficit. and, so, that deficit will be closed. it's a cumulative amount that is reducing every year and we estimate, i think, in three years that should be cleared. the open space fund will end a year with about $3 million, 3.6 within dt. and a negative 1.1 for central shops. what that means for central shops is unless they reduce their costs, that deficit then will be built into their rates to the departments for maintenance of vehicles in next fiscal year. and then finally some of the large enterprise departments, the airport operating fund has a healthy deficit of about $82 million -- excuse me, a surplus, fund balance of $82 million. mta, 57 million, port 30, and the three funds within the puc, hetch hetchy wastewater and the water operating fund are reported here. so, in summary, the local tax revenue is a primary driver of our net good condition. the five-year financial plan and the nine-month report will further inform the mayor and the board of supervisors of any changes that are anticipated.
FOX News
Feb 13, 2013 3:00pm PST
the array of new initiatives will not add a dime to the deficit. >> nothing i am proposing should increase deficit by a dime. >> healthcare reform will not add a time to deficit. >> top white house aides say the president can cover the new ideas. and pay down the debt. by redirecting existing funds and wiping out tax loopholes and deductions. >> he will pay for this and have deficit reduction beyond paying for proposals. >> the top democrats tell fox in meetings before the "state of the union," white house officials privately said they are planning a multi-weak campaign outside the beltway. they are serve the economy is stalling again. today, new report found retail sales edged up disappointing .1% in january from december. commerce department resealed in december, they restock the inventory at the slowest pace since june. a sign sales are getting weak. this is why the president is focused on stimulus. >> why we are seeing signs of solid progress, the car sales are up. housing is starting to recover. we're a ways away from we need to be. >> last night's president offered up more of the sam
Feb 11, 2013 12:30am PST
more about it. thank you for joining us. let's start with the debt and deficit since this is front and center as far as the international conversation as it may be. the cbo, congressional budget office, came out with new projections this week. they saw, long term, the economy will move in the opposite direction of the deficit. the economy grows if the deficit goes down, it shrinks if the deficit goes up. you argue in the book that the deficit really doesn't matter right now. do you disagree with the government's projections? >> no, i think the cbo report is pretty reasonable. and it says that we wish we had lower debt, and if we look at the long term it would be nice to pay down the debt but it does not show a crisis. and trying to slash the deficit right now will deepen the clear and present danger which is a very high unemployment and ongoing economic slump. so i actually -- i found the cbo report supportive of what i'm saying, that right now our priorities should be jobs and not the deficit. >> i want to get your reaction to something that dave camp told us, the chairman of the
Feb 16, 2013 1:30pm EST
of those for the purpose of deficit reduction. that is what our plan does in the short term and that is what it would do in the long term. we hope we can have an opportunity to have an up and down vote on the plan that we have put forward. at least two or three times we are going to be asking for a vote in the rules committee for that proposal. i hope we can have an opportunity to have a free flow of debate and ultimately a vote. thank you mr. chairman. >> i would love to begin the debate right now but we have a hearing to get into. the floor is yours. >> thank you mr. chairman. i appreciate the opportunity to be here today and discuss with you cbo's outlook for the budget and economy for the next 10 years. are analyzing shows that the country continues to debate a very large economic challenges. i will discuss the economy first and then i will turn to the budget. we anticipate economic growth will remain slow this year because of the gradual improvement in underlying economic factors will be offset. the good news is that the effects of the financial and housing prices appea
Feb 13, 2013 5:00pm EST
acknowledge must be dealt with. we've got a deficit that needs to be brought down. we've got an economy that needs growth. -- growth. and this is one of those areas, up with of those committees where we need to have this debate. we're going to be processing legislation, we're going to be considering alternatives and i want to say on behalf of those of us on this side of the aisle, we look forward to engaging our friends on the other side of the aisle in the collegial and comity way we have. with that, welcome to today's hearing. thanks again, dr. elmendorf, doug, for coming and testifying. i want to thank you for your -- your staff for putting together the latest budget and economic outlook. we understand you had a bit of a time crunch given the end of the year episode that occurred and i wanted to say that you didn't miss much of a deadline and you put out your baseline and outlook in a fairly quick form, given the circumstances you had to contend with. i'm sorry to say, though, that things don't look good. the c.b.o. says our economy will grow by only 1347b9% this year. unemployment w
Feb 13, 2013 12:00am PST
." his new e book is called here's the deal washington can solve the deficit and spur growth. he's at the columbia business school and economic advisors during joarnlings w. bush's first charym. robert altman served as deputy treasury secretary during president clinton's first term. let me begin with roger altman in boston. we're taking this before the state of the union address but the economy's not going to change that much between now and then. and i assume you have an idea of what the president is going to say. was it important for the president to say? >> well, i have not seen the speech charlie, but i would like to see a pathway to agreement on the tax and spending issues which have preoccupied washington now for the ug long es period in the past three months and facing us with the sequester of the continuing resolution and so forth. do i expect to see that pathway in other words in the real world? i don't. i think the presidencies himself as riding high. he won the election decisively. he got a deal on his terms as the whitehouse sees it on the fiscal cliff. he got the rep
Feb 12, 2013 1:00pm EST
's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare, medicaid, social security and interest on the debt. those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about $1 trillion. you all just heard what the deficit was last year. $1.3 trillion. which means we can do away with the entire federal government with the exception of medicare, medicaid and social security and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. so it's incumbent upon us to come up with solutions,
FOX News
Feb 12, 2013 8:00pm PST
voters reacted to. in particular, deficit. when barack obama said it was not going to add a dime to have deficit there is a positive reaction among republicans and democrats. let's take a look at that clip. >> nothing i'm proposed tonight should increase our deficit by a dime. it is not a bigger government we need but a smarter government that sets priorities and invests in broad-based growth. that is what we should be looking for. >> there were rare moments when republicans and democrats azbreed i want to ask one question. do you believe him that his policies will not add to the deficit? do you believe it?. >> no. no. >> why don't you believe it?. >> look at the deficit. it keeps growing spiralling out of control continuing to grow. i don't see evidence it's going the other way. >> he made a commitment it won't go up. >> he's got to come up with it. >> he said $3,000 for people to refinance their homes we'd get a tax break for that. but he didn't tell us where it's going to come from. >> i believe he is believing what he wants to do. and he wants to do the best thing for the country. he
FOX Business
Feb 12, 2013 9:00pm EST
and whatever issues not adding to the deficit isn't that going to be the equivalent after war call to republicans? >> well owe is going to talk about the budget and not adding to the deficit as you said, neil but he is going to, once again, try to often titlement reforms as part of the so-called balanced approach that he wants to take here. neil: we're having some problem with your audio, peter. maybe we can rich that. meantime, rich edson, this is a battle republicans have to take on, or just dismiss or hope the temperment of the country will improve so they're more open to challenging this president on new spending initiatives whether they add to the deficit or not. what do you think?. >> that's it, neil. when you think of what the president is looking for here. it is not to address the deficit and address the national debt. this is issue of calling increased spending, increased spending in infrastructure. the democratic argument has been to spend on education, spend on infrastructure all these other things to help create economic growth and therefore create revenue to help close
Feb 11, 2013 4:00pm EST
? >> i think it will be unnecessary. we already cut $2 billion from the deficit. the president is serious enough about his desire to close the deal that he's been willing to keep his offer to speaker boehner on the table. so i think if we could come together and compromise, we could get the rest of the way there and stabilizing our debt, bringing our deficits way below 3% of gdp. and i think it would be unfortunate for anyone at this point to start saying that they should take an absolutist position. they can't have a penny of reven revenue. $800 billion in expenditures and loopholes that could be used to reduce the deficit. how can it be now there's not one penny? that you have to do it all in medicare, education, medicaid, but you can't find one penny of a loophole, tax expenditure even for the most well off american that could be part of a deficit reduction package. >> couldn't the other side have said that to you back in january when they actually raised taxes but they got -- they didn't get revenue? i'm sorry. they didn't get any cuts? so it's the same thing, right? because the repub
FOX News
Feb 13, 2013 6:00pm PST
the deficits by more than 2.5 trillion dollars. mostly through spending cuts, but also by raising tax rates on the wealthiest 1% of americans. as a result, we are more than halfway towards the goal of 4 trillion dollars in deficit reduction that economists say we need to stable highs our finances. tonight, i'll layout additional proposals fully paid for and fully consistent with the budget frame work, both parties agreed to just 18 months ago. let me repeat. nothing i'm proposing tonight should increase our deficit by a single dime. >> amazing that the president can say that with a straight face according to the treasury department since the day he accepted in the oval office, 5.8 trillion dollars and guess that, joining me with reaction we call him the great one, probably easier to get an interview with obama and the pope than to get you out of that bunker, welcome oh great one, how are you. >> i'm good, how are you, brother. >> sean: this figure, let's go to this. he says this thing is not going to add one dime to the deficit and republicans came out with an ad. let's start there. >> noth
Feb 12, 2013 6:00pm PST
and additional revenue to reduce the deficit. on international matters, half the 70,000 u.s. troops now in afghanistan will be home by this time next year. we knew that. he'll criticize north korea's nuclear test saying that country will not be allowed back into the international community. >> chris: i wanted to tell people what you are seeing. these are members of the cabinet. it's a remark sight, state of the union address. the entire united states government is there. the gray hiavd gentleman there in the center of the screen is the new white house chief of staff who may have the second toughest job and attorney general eric holder but the entire government is here. all of the senate and house and cabinet and joint chiefs of staff. the supreme court, it's quite a remark sight. on a slightly grizzly note, one member of the cabinet is always told to stay away to be in effect in hiding so if something should happen, there would be somebody to run the u.s. government. in this particular case it is energy secretary steven chew. i was there at the briefing that he gave today and he really
FOX Business
Feb 12, 2013 8:00pm EST
of the union" here is neil cavuto. neil: nothing ever proposing tonight should increase our deficit by a single dime. barack obama's promise to the nation tonight that it is not a bigger government we need, but a smarter government that sets priorities and invests in broadbased growth. the upshot from that centerpiece remark planned for a little more than one hour from now. the president of the united states is not going to go crazy cutting down the debt. in fact, the white house indicates today that he is largely -- he has largely done that already. the 4 trillion in budget cuts have already been largely committed to and for, and that is it. needless to say, 4 trillion is over two years, and the president's is factoring in the sequestration cuts that supposedly taken into weeks, and that is no slam-dunk. and the other cuts he is referring to are sort of rehash cuts. suffice it to say that however speeches the left, then there are the cuts. after that no more. the president's battle to rein in the debt is done. and this housing big and bigger government is on. and if republicans don't like it ,
Feb 12, 2013 9:00am EST
, in the public deficit. this is only one small part that they succeeded in bringing this view through, and it's also, that has consequences of course for economic policies. and, therefore, it's very important, and, of course, american economic debate has huge influence on european debates. it's very important that we are talking together, that we are working together and that we are trying to make a more differentiated approach on what and how to make policies engage the crisis. and that is, that is important because, and let me say that, because this room is full of progressives. that's my view when i came here. we have to be sure about one thing, or if we have to we think one thing. what is aggressive politics today? -- progressive politics today. this seems a fun question, but that's a very important question. and let me, let me tell you what i mean about this. progressive politics meant, when i grew up and i was born in 1960, it was very clear in germany that my father fought, my son is going to have a better life this is no longer clear in europe. i think it's no longer clear in the u.s.
Feb 12, 2013 5:00pm EST
the accusation system. but both the strategic approach deficit deduction and sufficient use of defense dollars will be undermined by sequestration. and what is particularly tragic is that sequestration is not a result of an economic recession for an emergency. it's not because discretionary spending cuts are the answer to our nation's fiscal challenge. you can do the math. it's not in reaction to a more peaceful world. in reference to the north korea nuclear test this morning. it's not due to a breakthrough in military technology or a new strategic insight. it's not because of the path of revenue growth and entitlement spending have been explored and exhausted. it's not because sequestration was ever a plan that was intended to be implemented. all of this is purely the collateral damage of political gridlock. for our troops, for the force, the consequences are very real and personal. i'll give you a few examples. we intend, the president intends to -- personnel sequestration from -- but the troops will feel the effect of the this very directly in other ways. for example, he referenced the canc
Feb 14, 2013 1:00am EST
's deficit by more than $700 billion. there are many subjects the treasury secretary must cover. not any treasury nominee can have expertise immediately in all of them. the jack has an uncanny ability to dive into a subject, learn, study, and master it in a factual and non-ideological way. i look forward to working with jack and the rest of the economic team as we continue to focus on protecting the middle- class and combating our nation's long-term economic challenges. mr. chairman, i am confident that this nominee has expertise and work ethic necessary to excel as secretary of treasury. he will not be an ordinary treasury secretary. he will be a great one in the mold of albert gallatin and alexander hamilton, another new yorker, one who i never knew. [laughter] i fully support this nomination and urge that we move as quickly as possible so the senate and confirm this nominee and he can get on with the important task necessary to continue moving this country forward economically. jack, congratulations on your nomination. >> thank you. >> thank you, mr. chairman. likewise, i'm very pleas
FOX Business
Feb 13, 2013 6:00pm EST
should increase our deficit by a single dime. also, the plan to hike the minimum wage to $9 per hour. a boot to the economy or a jobs killer? i will break it down. and, we'll president obama's latest plan keep your money safe? "the willis report" is on the case. gerri: all of that and more coming up. but first, call him the magician in chief. president obama is proposing tens of billions of dollars in new spending. he says that won't cost us a dime. now, that really is magic. fresh off the state of the union speech, the president hit the road today to push his new economic agenda that looks exactly like his old economic agenda. dozens of new federal spending programs. from the federal education program, building homes in rundown neighborhoods all over the country. the estimates of this the cost her at least $130 billion. on top of what we already owe. who really knows? not even the president. he has encountered it up. one thing we do know is that it is like pulling a rabbit out of a hat. with us now is tim huelskamp of kansas. also harvard economist. >> cut spending, not go the other
FOX Business
Feb 13, 2013 8:00pm EST
and says it is about to explode the deficit and there is no way you can talk about spending on things like infrastructure, kind of change initiatives come in green initiatives, all kids initiatives, and so many other initiatives. without initiating a lot bigger deficits. rand paul is here to say that not only does the math not add up, nothing of that. senator, it is great to have you. >> thank you for having me, neil. neil: or do you do now? what do you do? what you advocate republicans do? >> i think we have to point out the truth. we cannot let the president went on the country saying that he has cut the deficit by $2 trillion. well, that is absurd. we have increased our debt by $6 trillion in his first term. what did he say? bowl, because i didn't increase it, i have reduced it to trillion dollars? that is absurd. he added $6 trillion to the debt and that is just a fact. he must have listed 50 different new programs and they are not going to cost you anything. neil: the deficit immediately raised concerns as to how it will be paid for. when he mentioned about closing tax loopholes and
FOX News
Feb 12, 2013 3:00pm PST
deficits and debt, president obama will call for more spending and investment, we're told, in tonight's "state of the union" address. meanwhile, speaker of the house boehner says the president "doesn't have the guts to go against his liberal base. " we have extensive coverage throughout "special report" tonight. first up, chief white house correspondent ed henry with just released excerpts. good evening, ed. >> good evening, bret. you are right. dramatic news night. this is a big moment for the president. this may be his last "state of the union" before he is a lame duck. the last chance for him in a "state of the union" to really grab the nation by the lapel and deliver the message. aides say he plans to use the opportunity tonight being forceful and arguing for a stronger, middle class. while somehow not adding to the deficit with new proposals. as you noted. an excerpt. just given to us by the white house and what he will say. "tonight, i will lay out additional proposals that are fully paid for and fully consistent with the budget framework, both parties agreed to just 18 months a
FOX Business
Feb 12, 2013 7:00pm EST
will go against the national mood and you and despite trillions of dollars of deficits is expected to call tonight for even higher taxes and ever more government spending. these proposals, only two weeks before the sequester, the $85 billion of automatic spending cuts is set to take effect. also, north korea's detonation of a nuclear bomb provoking widespread international condemnation. the north koreans declared an explosion to have been a response to outrageous u.s. hostility. and kate up and eating our -- meeting up in dark to get in fighting off frostbite as she posed for second consecutive sports illustrated swimsuit issue covered. fighting, she drew heart warming inspiration. tonight we begin with the president's "state of the union" address, the president's speech before a joint session of congress expected to include immigration command-and-control, climate change, and education as key themes. president obama to argue that even more federal spending and higher taxes are necessary to spur job creation and according to white house aides that president is also expected to use his spee
FOX News
Feb 10, 2013 11:00pm PST
the national institutes of health where you are hindering growth you are not delegate t going te deficit. we need more revenue and more cuts. i would like to see that in a big balanced bold proposal. short of that, we must do something to avoid the sequester. >> chris: here is what house speaker boehner said this week. >> at some point, washington, has to deal with its spending problem. i have watched them kick this can down the road for 22 years that i have been here. i have had enough of it. it's time to act. >> chris: congress woman, let's look at the numbers. are you really saying in a government that spends $3.5 trillion a year increased discretionary spending by 14% in the last four years you can't $85 billion to cut to avoid the sequester. >> we have made the cut in terms of agriculture subsidies. there are tens of billions of dollars in cuts there. and that should be balanced with eliminating subsidies for big oil. why should we lower pell grants instead of eliminating the subsidies for big oil? >> chris: why not just cut spending. 85 billion north dakota a $3.5 trillion government.
Feb 13, 2013 10:00am PST
at all. you know, what's very clear, we've cut the deficit by $2.5 trillion. it's been bipartisan. $3 in spending cuts for every $1 of revenue. the speaker know, republicans know that the proposal the president had on the table that they walked away from, including over a trillion dollars of spending cuts, including savings. and had only about $580 billion in revenues. so, you know, there was another $1.8 trillion of deficit reduction that was on the table. $2 of that was spending cuts for every dollar of revenue. >> but gene, that proposal is -- >> so to say that the president is not serious about spending cuts and tough measures is blatantly not accurate. >> that wasn't the question. the question is, what about the new proposals he made last night? because what they're saying is, regardless of what was proposed and negotiated and never reached agreement before -- >> so, andrea -- >> -- what about the new proposals for pre-k, the new proposals for the minimum wage increase? how do you pay for the things he specified in the state of the union? >> so what the president said very clearl
Search Results 0 to 49 of about 883 (some duplicates have been removed)